{"id":51,"date":"2020-07-02T15:12:03","date_gmt":"2020-07-02T15:12:03","guid":{"rendered":"http:\/\/192.168.21.185\/sbfpfund\/?p=51"},"modified":"2020-10-01T07:07:55","modified_gmt":"2020-10-01T07:07:55","slug":"housing-loan","status":"publish","type":"post","link":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/?p=51","title":{"rendered":"Housing Loan"},"content":{"rendered":"\n<p><strong>HOUSING LOAN SCHEME<\/strong><\/p>\n\n\n\n<p>Loans may be offered to associates of the Fund at the rate of interest\nof 8% per annum for:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Purchase of a plot of land<\/li><li>Construction Purposes<\/li><li>Completion\/Extension<\/li><\/ul>\n\n\n\n<p>&nbsp;Maximum amount of loan granted is Rs1million. <\/p>\n\n\n\n<p>&nbsp;Period of loan varies from 5,10,15 or 20 years.<\/p>\n\n\n\n<p>&nbsp;The loan shall be secured by a first rank mortgage.<\/p>\n\n\n\n<p>&nbsp;A life Insurance Mortgage Protection Policy (single premium)\nshould be submitted.<\/p>\n\n\n\n<p><strong>APPLICATION PROCEDURES FOR HOUSING LOAN<\/strong> <\/p>\n\n\n\n<p><strong>CHECK LIST \/DOCUMENTS TO BE SUBMITTED<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Title deed<\/li><li>Plans<\/li><li>Site Plan<\/li><li>Location Plan<\/li><li>Building Permit<\/li><li>Development Permit<\/li><li>Last Salary Slips &#8211; Husband\/Wife<\/li><li>Further certification if salary of spouse is from not-well established organisation to determine quantum of grantable loan.<\/li><li>Civil status documents \u2013 Birth certificates, Marriage certificate.<\/li><li>Details of completion works for assessment<\/li><li>Certificate of Pari Passu authorisation where appropriate.<\/li><li>Attestation that employee is not under report.<\/li><li>Independent assessment by Engineer of work to be executed.<\/li><li>Limitation of loan exercise: &#8211;<ul><li>70% of valuation of property and<\/li><li>should not exceed \u00bc of joint salaries.<\/li><\/ul><\/li><\/ol>\n\n\n\n<p>All these details to be satisfied before an application is submitted for Board\u2019s approval.<br>Work undertaken by Senior staff under responsibility of Manager.<\/p>\n\n\n\n<p><strong>PROCEDURES\n<\/strong><strong>AFTER BOARD&#8217;S APPROVAL<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Immediate release of letter of approval<\/li><li>Request for a Life Insurance Policy \u2013 Registration of an Assignment deed\nin favour of the Fund.<\/li><li>File sent to Notary for preparation of Notarial deed. Thereafter\nrequires independent vetting by Legal adviser of the Fund.<\/li><li>1st Instalment prepared when Notarial deed is ready \u2013 Payment effected\nby Notary personally.<\/li><li>Remaining Instalments as and when engineer\u2019s reports are obtained.<\/li><li>Last Instalment is released when work has progressed substantially or is\nnear completion (again relying on engineer\u2019s report).<\/li><li>To produce a Fire\/Cyclone Insurance on building upon release of last instalment.<\/li><li>Forward Salary Declaration Authority to initiate mechanism for monthly repayments.<\/li><\/ol>\n\n\n\n<p>Kindly note that the Fund is insured against eventual loss mainly by:-&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>A first rank mortgage inscription on the property of the associate.<\/li><li>A life Insurance cover assigned in its favour.<\/li><li>Monthly salary check-off.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Loans may be offered to associates of the Fund at the rate of interest of 8% per annum for: Purchase of a plot of land, Construction Purposes\u2026<\/p>\n","protected":false},"author":1,"featured_media":71,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-51","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51"}],"version-history":[{"count":4,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/51\/revisions"}],"predecessor-version":[{"id":172,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/posts\/51\/revisions\/172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=\/wp\/v2\/media\/71"}],"wp:attachment":[{"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/statutorybodiesfpf.govmu.org\/statutorybodiesfpf\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}